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26 September, 00:32

The liabilities of Cullumber are $99,000. Owner's capital is $143,000; drawings are $96,000; revenues, $467,000; and expenses, $301,000. What is the amount of Cullumber Company's total assists?

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  1. 26 September, 00:51
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    Total assets = $312000

    Step-by-step explanation:

    Initial capital of the company = $143000

    Drawings = $96000

    Revenue = $467000

    Expenses = $301000

    Now to find the current capital or equity of the company:

    Equity = initial capital + Revenue - Drawings - Expenses

    = 143000 + 467000 - 96000 - 301000

    = $213000

    Now, liabilities = $99000

    And the total assets of the company is given by:

    Total Assets = Liabilities + equity of the company

    ⇒ Total assets = 99000 + 213000

    ⇒ Total assets = $312000

    Hence, Total assets of the Cullumber company = $312000
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